KINGSTON: Minister of Finance and Planning, Dr Peter Phillips tabled a $641.5 billion budget for 2015/16, which is just over $102.2 billion more than the government’s expenditure budget for the current fiscal year, 2014/15.
The estimates comprise $432.6 billion in recurrent expenditure and $209 billion in combined Capital A and B expenditures on special projects, including those funded externally.
As usual, the Ministry of Finance and Planning ended up with the bulk of the resources, $200 billion or close to two-thirds of the budget. The Ministry of Education followed with $79 billion. The Ministries of National Security and Health received the next highest amount of $49 billion, each.
The Minister also tabled the Revenue Estimates, showing an estimated total of $443 billion in revenues, which is an increase of some $153 billion, from various tax and non-tax revenue sources including General Consumption Tax (GCT) of $113.3 billion and Income Tax of $11.5 billion. Customs is expected to contribute $25 billion.
There is also scope for $128 billion in loans and $4.7 billion in transfers from the Capital Development Fund (CDF), which is financed by the bauxite levy.
After tabling the documents – the expenditure and revenue estimates, the medium term debt management strategy 2015-2018, the Fiscal Policy Paper (FPP) and the Jamaica Public Bodies.
